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Friday, September 05, 2008 

Stock Picks and Trade Ideas for Friday - TRN and GOOG

Chart courtesy of stockcharts ( click to enlarge )

Google along with the other major internet stocks have sold off sharply over the past few days.The stock has been trending lower since last May making lower highs and lower lows. Today the stock broke the key $460 support level. Expect more downside in the near term, Google looks especially vulnerable as smaller bounces precede sharp drops.

Chart courtesy of stockcharts ( click to enlarge )

TRN - On the daily chart above, a head and shoulders pattern has formed and the neckline has been broken. It looks like TRN is heading lower to test the next important support level of $29.71 the low we saw in July 2008.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. See you tomorrow !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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